Financial Data and Key Metrics Changes - Operating capital generation before holding and funding expenses increased year-over-year to EUR 1.3 billion, ahead of target [4] - Operating results increased by 15% compared to 2024, reaching EUR 1.7 billion [4] - Free cash flow for the full year 2025 was EUR 829 million, consistent with the target [5] - Final dividend proposed at EUR 0.21 per common share, resulting in a full year 2025 dividend of EUR 0.40 per share, up 14% from EUR 0.35 per share in 2024 [5] - Group solvency ratio remains robust at 184% [16] Business Line Data and Key Metrics Changes - In the U.S. Strategic Assets, new life sales increased by 10% compared to 2024, with a 13% increase in individual life business sales [9] - Indexed annuity net deposits increased by 45% in 2025 due to improved wholesale distribution productivity [9] - Aegon U.K. reported net deposits driven by onboarding new schemes and regular contributions, while the Adviser platform experienced net outflows due to ongoing consolidation [10][11] - Aegon Asset Management generated positive third-party net deposits, although at a lower level than last year [11] Market Data and Key Metrics Changes - The number of licensed agents in the U.S. increased to nearly 96,000, an 11% increase year-over-year [8] - The U.K. Workplace platform generated healthy net inflows, while the International segment reported higher new life sales in Brazil, Spain, and Portugal [11] - In China, new life sales were negatively impacted by changes to product pricing and the economic environment [11] Company Strategy and Development Direction - The company is making progress with preparations for relocation to the U.S. and U.S. GAAP implementation [7] - Aegon aims to grow the operating result of the group by around 5% per year from the EUR 1.5 billion-EUR 1.7 billion run rate in 2025 [18] - The strategic review of Aegon U.K. is ongoing, with updates expected before summer [47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting growth ambitions for 2026 and 2027, supported by strong commercial performance and favorable market conditions [26] - Positive mortality and morbidity variances were noted, contributing to strong operating results [38] - Management acknowledged the challenges in the U.K. market due to consolidation and budget jitters affecting client behavior [92] Other Important Information - The company executed EUR 400 million of share buybacks in the second half of 2025 and announced a new EUR 400 million buyback program for 2026 [6] - Cash capital at holding decreased to EUR 1.3 billion at the end of 2025, consistent with the aim to reach around EUR 1.0 billion by the end of 2026 [24] Q&A Session Summary Question: Sustainability of operating profit and a.s.r stake - Management indicated that the second half operating result was a reasonable representation of underlying figures, supported by strong markets [32] - The company remains satisfied with its stake in a.s.r, with no immediate plans to sell [33][34] Question: Conditions for OCG and WFG trends - Management highlighted positive variances and strong sales performance as key drivers of OCG, while investments in WFG were noted as a reason for lower operating results [40][41] Question: Legal settlements and U.K. strategic review - Management confirmed that legal settlements are included in the $230 million charges and are awaiting court approval [46] - Updates on the U.K. review are expected before summer [47] Question: Financial assets and IFRS changes - Management discussed ongoing management actions to reduce required capital and emphasized the importance of IFRS in their reporting [61][62] Question: Net inflows and asset management outlook - Management noted that U.S. retirement plans are performing well despite net outflows, while U.K. outflows are attributed to market trends and client behavior [91][92]